LendingPoint Reviews

LendingPoint Reviews


As someone who has faced financial challenges in the past, I understand the importance of finding a reliable lending partner when you need a personal loan, especially if your credit history isn’t pristine. LendingPoint is a private finance company that specializes in providing personal loans to individuals with less-than-perfect credit.

LendingPoint personal loans have the makings of a solid financing option: Interest rates are reasonable, financing is faster than average, and you can prequalify to check your rate before applying.

But this is a modest product. Loan amounts are lower than many competitors, the lender does not allow co-applicants or collateral on the application, and payments are reported to two of the three major credit bureaus.

  • Accessibility for Not-So-Good Credit
  • Quick Loan Approval
  • Flexible Loan Amounts
  • Transparent Terms
  • Option for Joint Applications
  • Origination Fees
  • Limited Availability
  • No Prequalification

LendingPoint Loan Information Overview

Information Overview
What You Should Know About LendingPoint
Minimum credit score660
APR7.99% – 35.99%
FeesOrigination: 0% to 10%
Loan amount$2,000 to $36,500
Repayment terms2 to 5 years
Time to fund after approvalSame or next-day
Loan availabilityLoans aren’t available in NV or WV

Where LendingPoint Personal Loans Stand Out

Accessibility and Flexibility:One of the primary reasons borrowers turn to LendingPoint is its commitment to accessibility and flexibility. They cater to individuals who might not have an excellent credit score but demonstrate financial responsibility in other ways. If you’re someone with a not-so-good credit history, LendingPoint may be a more lenient and understanding option.

Quick Approval and Funding:Emergencies often necessitate fast cash, and LendingPoint excels in this regard. Their rapid approval process can provide you with the funds you need within just one business day after approval. This feature can be a game-changer when facing unexpected financial challenges.

Loan Customization:LendingPoint offers a range of loan amounts, allowing you to tailor the loan to your specific needs. Whether you require a small loan for a minor expense or a larger sum for a major life event, their loan amounts, which range from $2,000 to $36,500, have you covered.

Transparent Terms:LendingPoint is committed to transparency, which is evident in its clear communication of loan terms, including interest rates and fees. This openness empowers borrowers to make informed decisions about their loans, avoiding hidden surprises down the line.

Option for Joint Applications:If your credit history is a stumbling block, LendingPoint permits joint applications. This means you can apply for a loan with a co-borrower, which may help improve your chances of approval and secure a better interest rate. It’s an option worth exploring, especially if you have a trusted individual willing to co-sign with you.

Where LendingPoint Personal Loans Fall Short

Origination Fees:Some borrowers may encounter origination fees when taking out a loan from LendingPoint. These fees can vary depending on your location and creditworthiness. It’s important to factor these fees into your overall loan cost when making your decision.

Limited Availability:LendingPoint’s services are not available nationwide. Before considering them as a lending option, make sure to check whether they operate in your state. If they don’t, you’ll need to explore other lenders that serve your area.

Lack of Prequalification:Unlike some competitors, LendingPoint does not offer a prequalification process. This means you’ll need to submit a full application to determine your eligibility and receive personalized loan terms. If you’re concerned about how applying might affect your credit, this is something to keep in mind.

What Qualifications Are Needed to Get a Loan from LendingPoint?


LendingPoint aims to make the borrowing process accessible, but they still have certain qualifications you must meet:

  • Minimum Credit Score
  • US Residency: You must be a US citizen or a permanent resident.
  • Age Requirement: You must be at least 18 years old to apply.
  • Minimum Income: You should have a minimum annual income of at least $20,000. This income requirement helps ensure you can comfortably make loan payments.

What to Do Before Applying

Before Applying

Check Your Credit Report: Obtain a copy of your credit report and review it for any errors or discrepancies. Correcting inaccuracies can improve your credit profile.

Evaluate Your Finances: Assess your financial situation to determine how much you can comfortably afford to borrow and repay. Create a budget to ensure the loan fits within your financial framework.

Compare Lenders: Don’t limit yourself to one lender. Shop around and compare rates, terms, and fees from multiple lenders to ensure you’re getting the best deal possible.

Gather Documentation: Prepare the necessary documentation to streamline your loan application process. This typically includes proof of income, such as pay stubs or tax returns, identification, and any additional documents that may be required by the lender.

Consider a Co-Borrower: If your credit history is less than ideal, think about whether applying with a co-borrower is a viable option. A co-borrower with a stronger credit profile can improve your chances of approval and secure better loan terms.

Understand the Terms: Familiarize yourself with the terms and conditions of the loan, including the interest rate, repayment schedule, and any associated fees. Ensure you’re comfortable with these terms before proceeding.

How to Apply for a Personal Loan with LendingPoint

How to Apply
  1. Create an Account: You’ll need to create an account on their platform. This involves providing your personal information, including your name, contact details, and social security number.
  2. Fill Out the Application: Complete the online application form, providing details about your financial situation, employment, and income. Be honest and accurate in your responses.
  3. Choose Your Loan Amount: Specify the loan amount you wish to borrow within the range of $2,000 to $36,500.
  4. Submit the Application: Review your application for accuracy, and when you’re ready, submit it electronically.
  5. Wait for Approval: LendingPoint will review your application and creditworthiness. You may receive a decision within minutes, but it can take up to a day in some cases.
  6. Review Your Loan Offer: If approved, you’ll receive a loan offer with details about the interest rate, loan term, and monthly payments. Carefully review this offer to ensure it aligns with your needs and budget.
  7. Accept the Loan Offer: If you’re satisfied with the terms, accept the loan offer electronically. Be sure to read and understand all the terms and conditions before proceeding.
  8. Receive Your Funds: Once you’ve accepted the loan offer, LendingPoint will work to disburse the funds as quickly as possible, often within one business day.

Compare LendingPoint to other lenders

LendingPoint vs. Upgrade

LendingPoint and Upgrade are both online lending platforms that offer personal loans, but they have distinct approaches. LendingPoint specializes in providing personal loans to borrowers with less-than-perfect credit scores. It distinguishes itself by using a proprietary underwriting model that considers a wide range of factors beyond traditional credit scores, making it accessible to individuals with credit challenges. Upgrade, on the other hand, primarily caters to prime and near-prime borrowers, offering personal loans and lines of credit. While Upgrade also considers alternative data in its underwriting process, it generally targets borrowers with stronger credit profiles. Therefore, the choice between LendingPoint and Upgrade depends on your credit history and financial circumstances. LendingPoint is a good option for those with lower credit scores seeking access to credit, while Upgrade is more suitable for individuals with solid credit looking for competitive loan terms.

Related Reading: Upgrade Personal Loans Review

LendingPoint vs. Avant

LendingPoint and Avant are both online lenders that provide personal loans, with a focus on serving borrowers who may not qualify for traditional bank loans. LendingPoint specializes in offering personal loans to individuals with credit challenges, employing a unique underwriting model that takes various factors into account, making it possible for borrowers with less-than-perfect credit to access loans. Avant, on the other hand, also targets subprime borrowers but with a slightly broader range of credit profiles. Avant’s approach includes offering loans to those with fair to good credit, providing a wider spectrum of potential borrowers. Borrowers should compare the terms, rates, and eligibility criteria of both LendingPoint and Avant to determine which lender aligns better with their specific credit situation and financial needs.

Related Reading: Avant Personal Loans Reviews

Bottom Line


LendingPoint is a reputable private finance company that specializes in offering personal loans to individuals with less-than-perfect credit. Their commitment to accessibility, swift approval process, and loan customization options make them an attractive choice for those in need of financial assistance.

Frequently Asked Questions


Can I get a personal loan from LendingPoint with bad credit?

Yes, LendingPoint specializes in providing personal loans to individuals with less-than-perfect credit. While they do consider your credit history, they also assess your overall financial health, making it possible to qualify for a loan even with bad credit.

How quickly can I receive funds from LendingPoint?

LendingPoint is known for its fast approval and funding process. In many cases, you can receive your funds within one business day after approval.

Can I apply for a LendingPoint loan with a co-borrower?

Yes, LendingPoint allows joint applications with co-borrowers. Applying with a co-borrower can increase your chances of approval and potentially secure a better interest rate.

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